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Operator
Operator
Good day everyone, and welcome to the NewMarket Corporation conference call and webcast to review third quarter 2025 financial results. (Operator Instructions)
大家好，歡迎參加 NewMarket 公司 2025 年第三季財務業績回顧電話會議和網路直播。（操作說明）
It is now my pleasure to turn the floor over to your host Tim Fitzgerald, Vice President and CFO. Sir, the floor is yours.
現在我很高興把發言權交給主持人，副總裁兼財務長提姆·菲茨傑拉德先生。先生，請您發言。
Timothy Fitzgerald - Chief Financial Officer, Vice President
Timothy Fitzgerald - Chief Financial Officer, Vice President
Thank you, Matthew, and thanks to everyone for joining me this afternoon. As a reminder, some of the statements made during this conference call may be forward-looking. Relevant factors that could cause actual results to differ materially from those forward-looking statements are contained in our earnings release and in our SEC filings, including our most recent Form 10-K.
謝謝你，馬修，也謝謝今天下午各位的到來。提醒各位，本次電話會議中提到的一些內容可能具有前瞻性。可能導致實際結果與這些前瞻性聲明有重大差異的相關因素已包含在我們的獲利報告中以及我們向美國證券交易委員會提交的文件中，包括我們最新的 10-K 表格。
During this call, we will also discuss the non-GAAP financial measures included in our earnings release. The earnings release, which can be found on our website, includes a reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures.
在本次電話會議中，我們也將討論獲利報告中包含的非GAAP財務指標。您可以在我們的網站上找到收益報告，其中包含非GAAP財務指標與可比較GAAP財務指標的調節表。
We filed our 10-Q for the third quarter of 2025 earlier today, and it contains significantly more details on the operations and performance of our company. Today I will be referring to the data that was included in last night's press release.
今天早些時候，我們提交了 2025 年第三季的 10-Q 報告，其中包含有關我們公司營運和業績的更多詳細資訊。今天我將參考昨晚新聞稿中包含的數據。
Net income for the third quarter of 2025 was $100 million or $10.67 per share compared to net income of $132 million or $13.79 per share for the third quarter of 2024. Net income for the first nine months of 2025 was $337 million or $35.78 per share compared to net income of $352 million or $36.66 per share for the first nine months of 2024.
2025 年第三季淨收入為 1 億美元，即每股 10.67 美元，而 2024 年第三季淨收入為 1.32 億美元，即每股 13.79 美元。2025 年前九個月的淨收入為 3.37 億美元，即每股 35.78 美元，而 2024 年前九個月的淨收入為 3.52 億美元，即每股 36.66 美元。
Petroleum additive sales for the third quarter of 2025 were $649 million compared to $663 million for the same period in 2024. Petroleum additives operating profit for the third quarter of 2025 was $131 million compared to $157 million for the third quarter of 2024, which was a record quarter for this segment.
2025 年第三季石油添加劑銷售額為 6.49 億美元，而 2024 年同期為 6.63 億美元。2025 年第三季石油添加劑業務的營業利潤為 1.31 億美元，而 2024 年第三季為 1.57 億美元，創下該業務板塊的季度紀錄。
The decrease in operating profit compared to prior year was primarily driven by one-time charges during the quarter, including those related to optimizing our global manufacturing network, which will enable us to deliver products to our customers more efficiently in the years ahead.
與去年同期相比，營業利潤下降的主要原因是本季的一次性費用，包括與優化全球製造網路相關的費用，這將使我們能夠在未來幾年更有效率地向客戶交付產品。
A 4.1% decline in shipments between quarterly periods and an increase in research and development investments to support our customer needs also contribute to the decrease in Petroleum additives' operating profit.
季度間出貨量下降 4.1%，以及為滿足客戶需求而增加的研發投資，也導致了石油添加劑業務營業利潤的下降。
For the first nine months of 2025, sales for the Petroleum additive segment were $1.9 billion compared to $2 billion for the same period in 2024. Petroleum additives operating profit for the first nine months of 2025 was $413 million compared to $456 million for the same period in 2024. The drivers for the decrease in operating profit were consistent with those affecting the third quarter comparison.
2025 年頭九個月，石油添加劑業務的銷售額為 19 億美元，而 2024 年同期為 20 億美元。2025 年前九個月的石油添加劑營業利潤為 4.13 億美元，而 2024 年同期為 4.56 億美元。導致營業利潤下降的因素與影響第三季業績的因素一致。
Shipments were down by 4.6% when comparing the first nine months of 2025 with the same period in 2024, driven by softness in the market and our strategic decision to manage the profitability of our portfolio by reducing low margin business.
2025 年前九個月的出貨量與 2024 年同期相比下降了 4.6%，這是由於市場疲軟以及我們透過減少低利潤業務來管理投資組合獲利能力的策略決策所致。
We are very pleased with the performance of our petroleum additives business during the first nine months of 2025. However, we remain challenged by the ongoing inflationary environment and the impact of tariffs, as well as softness in the market impacting shipments. We continue to focus on investing in technology to meet customer needs, optimizing our inventory levels, and improving our portfolio profitability.
我們對2025年前九個月石油添加劑業務的表現非常滿意。然而，我們仍面臨持續的通膨環境和關稅的影響，以及市場疲軟對出貨量的影響。我們將繼續專注於投資技術以滿足客戶需求，優化庫存水平，並提高投資組合的獲利能力。
We report the financial results of our AMPAC business in our Specialty Material segments. Specialty Material sales for the third quarter of 2025 were $38 million compared to $59 million for the same period in 2024. Specialty Materials operating profit for the third quarter of 2025 was $6 million compared to $16 million for the third quarter of 2024. The decrease in operating profit was mainly due to lower volume within the quarter.
我們將公佈AMPAC業務在特殊材料部門的財務表現。2025 年第三季特用材料銷售額為 3,800 萬美元，而 2024 年同期為 5,900 萬美元。2025 年第三季特種材料業務的營業利潤為 600 萬美元，而 2024 年第三季為 1,600 萬美元。營業利潤下降主要是由於本季銷量下降所致。
As previously stated, we will see substantial variation in quarterly results for the specialty material segment on an ongoing basis due to the nature of the business. For the first nine months of 2025, sales for the Specialty Materials segment were $134 million compared to $114 million for the period of January 16 to September 30, 2024. Specialty Materials operating profit for the first nine months of 2025 was $40 million compared to $16 million for the period of January 16 to September 30, 2024.
如前所述，由於業務性質所致，特種材料業務的季度業績將持續出現較大波動。2025 年前九個月，特種材料部門的銷售額為 1.34 億美元，而 2024 年 1 月 16 日至 9 月 30 日期間的銷售額為 1.14 億美元。2025 年前九個月，特種材料業務的營業利潤為 4,000 萬美元，而 2024 年 1 月 16 日至 9 月 30 日期間的營業利潤為 1,600 萬美元。
As previously announced, we expanded our investment in the Specialty Materials segment through the October 1, 2025 acquisition of Calca Solutions LLC. Calca is the nation's leading producer of ultra pure and high purity hydrazine mission critical propellants used in advanced aerospace and defense applications.
正如先前宣布的那樣，我們透過於 2025 年 10 月 1 日收購 Calca Solutions LLC，擴大了我們在特殊材料領域的投資。Calca是美國領先的超純和高純度肼類關鍵推進劑生產商，這些推進劑用於先進的航空航太和國防應用。
Since 2024, through our acquisitions of AMPAC and Calca and our investments to expand capacity at both operations, we have committed approximately $1 billion to this resilient, high-tech technology Specialty Materials segment.
自 2024 年以來，透過收購 AMPAC 和 Calca 以及投資擴大兩家公司的產能，我們已向這一具有韌性的高科技特種材料領域投入了約 10 億美元。
Our company generated solid cash flows throughout the first nine months of 2025, which allowed us to return $155 million to our shareholders through share repurchases of $77 million and dividends of $78 million. We also reduced our net debt by $213 million in the first nine months of 2025, driving our net debt to EBITDA ratio down to 0.9x as of September 30, 2025.
2025 年前九個月，我們公司產生了穩健的現金流，透過股票回購 7,700 萬美元和股息 7,800 萬美元，向股東返還了 1.55 億美元。2025 年前九個月，我們的淨債務減少了 2.13 億美元，截至 2025 年 9 月 30 日，我們的淨債務與 EBITDA 比率降至 0.9 倍。
This strong cash flow performance enables us to continue to provide value to our shareholders through reinvestment of capital into our businesses for growth and efficiency, acquisitions, share repurchases, and dividends. Yesterday, the company's Board of Directors approved raising the quarterly dividend by 9%, up from $2.75 per share on our common stock to $3 per share for the dividend that is payable January 2, 2026.
強勁的現金流表現使我們能夠繼續透過將資本再投資於業務成長和效率、收購、股票回購和分紅等方式為股東創造價值。昨天，公司董事會批准將季度股息提高 9%，從每股普通股 2.75 美元提高到每股 3 美元，股息將於 2026 年 1 月 2 日支付。
We anticipate continued strength in our Petroleum Additives and Specialty Material segments. We are committed to making decisions that promote long-term value for our shareholders and customers while staying focused on our long-term objectives. We believe that the core principles guiding our business, a long-term perspective, a safety-first culture, customer focused solutions, technology-driven products, and a world class supply chain will continue to benefit all of our stakeholders.
我們預計石油添加劑和特種材料業務將繼續保持強勁成長勢頭。我們致力於做出能夠為股東和客戶創造長期價值的決策，同時始終專注於我們的長期目標。我們相信，指導我們業務的核心原則——長遠眼光、安全第一的文化、以客戶為中心的解決方案、技術驅動的產品以及世界一流的供應鏈——將繼續造福我們所有的利害關係人。
Matthew, that concludes our planned comments. We are available for questions via email or by phone, so please feel free to contact me directly. Thank you all again, and we will talk to you next quarter.
馬修，我們的演講計畫到此結束。我們可以透過電子郵件或電話解答您的疑問，請隨時直接與我聯繫。再次感謝大家，我們下個季度再見。
Operator
Operator
Thank you. Everyone, this concludes today's call. You may disconnect at this point and have a wonderful day. Thank you for your participation.
謝謝。各位，今天的電話會議到此結束。現在您可以斷開連接了，祝您度過美好的一天。感謝您的參與。